Audit and Assurance - Assignment
13 Pages3461 Words87 Views
Added on 2021-06-14
Audit and Assurance - Assignment
Added on 2021-06-14
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Wesfarmers LtdExecutive SummaryThe role of auditors assumes a place of special importance because it is in direct link with theethics and functioning of the company. The corporate governance of the company relies onthe function of the auditor. Moreover, the auditor report lays a strong foundation when itcomes to the concept of a stakeholder. In this report, selection of Wesfarmers Limited is donefor the purpose of the report and the role of the auditor is studied in an elaborate manner. Thereport begins with the introduction of the company and then spreads to concept such asauditor’s independence, key audit matters, and the audit committee. Apart from this, theremuneration and audit opinion is provided due emphasis. 2
Wesfarmers LtdContentsIntroduction...........................................................................................................................................2Compliance with the independent requirements..................................................................................2Non audit services.................................................................................................................................2Analysis of the Auditor remuneration...................................................................................................4Nature of the audit services..................................................................................................................4Key Audit matters..................................................................................................................................4Difference in management’s responsibilities from that of the auditors................................................6Material subsequent events..................................................................................................................7Effectiveness of auditor’s material information....................................................................................7Whether material information is missing/under-reported....................................................................8Conclusion...........................................................................................................................................10References...........................................................................................................................................113
Wesfarmers LtdIntroductionAudit report and audit function is the need of the hour because it denotes the authenticity ofthe company’s performance. Wesfarmers has provided a true and fair view of the state ofaffairs of the company. This is by dint of strong audit planning and control. Further, thecompliance with the accounting standard and the Corporation regulation 2001 has ensured aneffective mechanism (Wesfarmer, 2017). The report will reflect the functioning of thecompany together with a strong emphasis on various areas such as audit control,remuneration, and key audit matters, etc.Compliance with the independent requirementsFrom the annual report it is noted that the audit was done in tune to the AustralianAccounting Standards. The independent requirements are followed and the same has beenstated in the Audit report. The auditor independence requirement was followed as per theneeds of the Corporation Act 2001 and the ethical needs that has been stated by theProfessional and Ethical Standard Board APES 110 code of Ethics for ProfessionalAccountants that are necessary for the audit of the financial report. All other responsibilitieshas been fulfilled that are in tune to the code (Wesfarmer, 2017).Non audit servicesThe audit and this committee of Wesfarmers Limited have provided the board with legaladvice for the non-audit services provided by it in a written form so as to comply with thepassing of the resolution for a committee. The advice of the risk committee has beenconsidered by the board and they are clearly satisfied with the thought of compatibility of thedecision of the non-audit services that will be provided to them (Wesfarmer, 2017). There arevarious types of standards that are needed to be accepted by an auditor in order to make suchdecisions which are stated under the corporation's act 2001:The auditor will not be allowed to review any work or acting in a management that has beenconducted by him and thus he is not going to provide any type of review on the non-auditservices.The audit and the committee of the organization have clearly reviewed all the non-auditservices for their structural integrity and objectivity towards the organization so that they do4
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